### Table 3: Sovereign Downgrade Events (1990-2024)

| Country | Year | From | To | Notches | OADR | Debt/GDP | Exp-Rev Gap | Lost Safe |
|:--|--:|--:|--:|--:|--:|--:|--:|--:|
| KOR | 1998 | AA- | BBB- | 6 | 0.088 | 13.8 | -1.1 | Yes |
| JPN | 2002 | AAA | AA+ | 1 | 0.271 | 154.1 | 7.3 |  |
| JPN | 2003 | AA+ | AA | 1 | 0.281 | 160.0 | 7.4 |  |
| ITA | 2005 | AA | A+ | 2 | 0.294 | 106.2 | 4.1 | Yes |
| ISR | 2008 | AA- | A+ | 1 | 0.158 | 70.2 | 3.5 | Yes |
| IRL | 2010 | AAA | BBB+ | 7 | 0.165 | 86.1 | 32.1 | Yes |
| ESP | 2011 | AAA | AA | 2 | 0.251 | 69.5 | 9.7 |  |
| BEL | 2012 | AA+ | AA | 1 | 0.265 | 104.3 | 4.3 |  |
| IRL | 2012 | BBB+ | BB+ | 3 | 0.178 | 118.7 | 8.4 |  |
| ITA | 2012 | A+ | BBB | 4 | 0.320 | 125.9 | 3.0 |  |
| JPN | 2012 | AA | AA- | 1 | 0.384 | 226.1 | 8.2 |  |
| NZL | 2012 | AAA | AA+ | 1 | 0.205 | 35.7 | 2.2 |  |
| USA | 2012 | AAA | AA+ | 1 | 0.196 | 103.2 | 8.1 |  |
| AUT | 2013 | AAA | AA+ | 1 | 0.268 | 82.4 | 2.0 |  |
| ESP | 2013 | AA | BB+ | 8 | 0.262 | 100.0 | 7.5 | Yes |
| FRA | 2013 | AAA | AA | 2 | 0.278 | 94.5 | 4.9 |  |
| FIN | 2015 | AAA | AA+ | 1 | 0.313 | 68.8 | 2.4 |  |
| JPN | 2016 | AA- | A+ | 1 | 0.455 | 228.7 | 3.6 | Yes |
| GBR | 2017 | AAA | AA | 2 | 0.281 | 86.7 | 2.5 |  |
| SAU | 2017 | AA+ | A+ | 3 | 0.031 | 16.5 | 8.9 | Yes |

*Events where S&P rating decreased from prior year. Lost Safe = fell below AA-.*
